Estonia: Consumer prices record seventh consecutive annual drop in December
January 8, 2015
Consumer prices in December were unchanged over the previous month, which came in above the steep 0.8% drop observed in November. According to Statistics Estonia, the result reflects that lower prices for several categories, such as transport and clothing and footwear, offset higher prices of several other items, such as communication, food and non-alcoholic beverages, and recreation and entertainment.
Consumer prices recorded a 0.5% year-on-year decrease in December, which was slightly up from the 0.6% decline tallied in November. Moreover, the result marked the seventh consecutive annual decline. Meanwhile, annual harmonized consumer prices—based on the harmonized index of consumer prices—fell from October’s 0.5% to a flat reading in November (the last month for which data are available). Annual average HICP inflation fell from 0.8% in October to 0.6% in November.
Author: Carl Kelly, Economist